Dow hits 30,000 on start of transition to Biden, prospect of Yellen as treasury secretary

Dow hits 30,000 on start of transition to Biden, prospect of Yellen as treasury secretary

The latest market benchmark has been a long time coming: The Dow came within a few points of hitting 30,000 in January, before the pandemic pummeled the economy.

The Dow Jones Industrial Average hit a record high of 30,000 on Tuesday, a symbolically significant benchmark in a year that has been whipsawed by the economic fallout of the coronavirus pandemic and a bruising election cycle.

The Dow rose by just over 400 points Tuesday morning, surpassing an intraday high. The S&P 500 and the Nasdaq Composite both climbed by just under 1 percent.

Wall Street’s rally came a day after the Trump administration agreed to start the transition process to President-elect Joe Biden, giving him access to millions of dollars in federal funds and other resources to begin his transition to power.

The transition process had been stalled for weeks as President Donald Trump’s team waged a sputtering legal battle across the country to contest the results, leaving Biden out of the loop on the Covid-19 vaccine and other key issues.

Markets hit record highs this month after Moderna and Pfizer both announced promising vaccine candidates in the fight against Covid-19.